Arry recently invested $21,500 (tax basis) in purchasing a limited partnership interest. His at-risk amount is also $21,500. In addition, Larry’s share of the limited partnership loss for the year is $2,075, his share of income from a different limited partnership is $1,030, and he has $3,150 of dividend income from the stock he owns. How much of Larry’s $2,075 loss from the limited partnership can he deduct in the current year?
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Arry recently invested $21,500 (tax basis) in purchasing a limited partnership interest. His at-risk...
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